Sauber's Qadbak takeover to collapse - report

Sauber's takeover by the Qadbak group is on the verge of collapse,
according to the Swiss weekly newspaper Sonntagszeitung.
The report said the main figure behind the consortium is Russell King, who
has spent time in jail for insurance fraud and...

Sauber's takeover by the Qadbak group is on the verge of collapse,
according to the Swiss weekly newspaper Sonntagszeitung.

The report said the main figure behind the consortium is Russell King, who
has spent time in jail for insurance fraud and had assets frozen by court.

In the wake of BMW and Toyota's withdrawals from Formula One, Sauber is
waiting to be given an official FIA entry to race in 2010.

The newspaper claims that, contrary to speculation, Qadbak's F1 investors
are in fact not funded by wealthy Middle Eastern sources.

The lack of real financing could explain the FIA's hesitance in granting
the team its 2010 entry, with even BMW's legal department reportedly
surprised to learn about King's apparent inability to fund the project.

It is suggested that Dubai based King was counting on BMW-Sauber's
commercial income after finishing sixth in the 2009 season, while the FIA
wants assurances about the team's pre-prize money backing.

Reports in September said King attempted to found a Dubai based F1 team
some years ago, and that it was this failed foray that led to some existing
teams' concerns about Sauber's Qadbak buyout.

The FIA is expected to publish the definitive 2010 entry list at the end of
November.